1. What is a master budget, and what components does it include? Calculate the sales budget based on the following information: Expected unit sales: Quarter 1 - 2,000 units, Quarter 2 - 3,500 units, Quarter 3 - 4,000 units, Quarter 4 - 2,500 units Selling price per unit: $100

2. What is relevant costing, and how is it used in decision-making? A company is considering whether to make or buy a component. The following information is available: Cost to make in-house: $50,000 per year Cost to buy from an external supplier: $45,000 per year Other relevant costs: $5,000 per year Should the company make or buy the component? Show your calculations.